"2024 was characterized by temporary market effects in one of our submarkets," says Dietmar Siemssen, CEO of Gerresheimer AG. "Our long-term growth prospects remain positive. We are growing strongly in systems and solutions for large-molecule biologics for which we are systematically expanding our production capacities. With the acquisition of Bormioli Pharma, we have expanded our product portfolio and created the basis for new, integrated high value plastic solutions. All of this will help us to continue our profitable growth in the coming years.”
Plastics & Devices: Significant growth with improved margin
The Plastics & Devices Division generated revenue of EUR 1,141.3m in the financial year 2024 (2023: EUR 1,065.1m). Organic revenue growth amounted to 8.0%. The main driver of this positive development was the strong demand for drug delivery systems. Demand for plastic containment solutions also remained at a high level.
Adjusted EBITDA reached EUR 293.7m (2023: EUR 270.0m). Adjusted EBITDA grew organically by 8.8% compared to the same period of the previous year. The division also increased its Adjusted EBITDA margin to 25.7% (2023: 25.3%). The positive development was driven by a higher proportion of specially tailored solutions for biologics, including GLP-1 products for the treatment of obesity.
Primary Packaging Glass: Destocking effects moderating
The first signs of a market recovery became visible in the fourth quarter of 2024, but business development in the Primary Packaging Glass Division in the financial year 2024 was still significantly influenced by destocking effects at pharmaceutical customers, particularly in the area of standard vials ("bulk vials"). Sales revenues reached EUR 898.6 million (2023: EUR 927.3 million). In organic terms, they were thus 2.6% below the same period of the previous year. Adjusted EBITDA amounted to EUR 177.2m (2023: EUR 182.5m). In organic terms, adjusted EBITDA was 2.4% below the prior-year period. The adjusted EBITDA margin remained stable at 19.7% (2023: 19.7%). Gerresheimer expects that destocking effects for standard vials will continue to moderate in the course of 2025.
High dividend continuity - dividend proposal of EUR 1.25
Gerresheimer's adjusted net income increased to EUR 164.6m in the financial year 2024 (2023: EUR 158.0m). Adjusted EPS at constant currency rose to EUR 4.67 (2023: EUR 4.62). The Executive Board and Supervisory Board will therefore once again propose a dividend of EUR 1.25 per share for the financial year 2024 at the Annual General Meeting. This corresponds to a payout ratio of 26.0%. The proposed dividend is therefore within the payout range of 20% to 30%.
Bormioli Pharma - new category of high value plastic solutions through system integration
At the beginning of December 2024, Gerresheimer successfully completed the acquisition of the Bormioli Pharma Group. Bormioli Pharma will thus be fully consolidated in the Gerresheimer Group from the financial year 2025. The integration of the company is one of Gerresheimer's focus topics of the financial year 2025 in order to seize the opportunities of the expanded product portfolio and the possibilities of system integration for new high-value plastic solutions. The acquisition also enables the formation of a stand-alone global moulded glass powerhouse.
Profitable growth expected in subsequent years
In view of the strong growth in systems and solutions for biologics, the successful execution of the growth projects in this area and the expanded portfolio of high value solutions, Gerresheimer expects profitable growth in the coming years.
Guidance for FY 2025 (organic)
- Revenue growth: 3-5%
- Adjusted EBITDA margin: around 22%
- Adjusted EPS growth: high single-digit percentage range
Mid-term guidance (organic)
- Revenue growth: 8-10 % CAGR
- Adjusted EBITDA margin: 23 - 25%
- Adjusted EPS growth: ≥ 10% CAGR
The Annual Report 2024 is available on the Gerresheimer website.
